Greek Authorities Freeze Record €5.4M in Digital Assets in €46.9M EU VAT Fraud Probe

Greek authorities have carried out the country’s largest-ever seizure of digital assets as part of a major European investigation into an alleged €46.9 million VAT carousel fraud scheme spanning four EU member states.

The operation, led by the European Public Prosecutor’s Office (EPPO) in Athens, involved coordinated searches at multiple locations in Attica and Kastoria targeting companies and individuals suspected of orchestrating a cross-border tax fraud and money laundering network. The investigation centres on the trade of small electronic goods and is believed to have exploited VAT exemptions on intra-EU transactions between 2021 and 2025.

According to investigators, the alleged criminal network operated through a chain of so-called “missing trader” companies established in Bulgaria, Cyprus, Czechia and Greece. The entities are accused of evading VAT liabilities and fraudulently claiming tax refunds on transactions where no VAT had been paid.

Authorities estimate the scheme caused losses of at least €46.9 million to Greek and EU budgets through unpaid VAT, while identifying indications that a further €24.2 million in VAT was either undeclared or incorrectly reported.

During the raids, investigators seized documents, accounting records and digital evidence, together with €99,000 in cash and three luxury vehicles. They also froze approximately €900,000 in cryptocurrency and a further €4.5 million in other digital assets, a move Greek authorities described as the country’s largest-ever digital asset freeze.

The assets were identified using advanced digital forensic techniques designed to trace and secure holdings concealed through sophisticated digital methods.

Investigators also obtained freezing orders covering 88 properties valued at more than €4.5 million, along with multiple bank accounts. Greece’s Anti-Money Laundering Authority assisted in identifying and freezing accounts held in other EU member states.

The EPPO said the investigation remains ongoing. Under Greek and EU law, all suspects are presumed innocent unless and until proven guilty in court.